Cotton futures increased by 138 to 245 points on Tuesday, July 6, with July futures reaching 73.95 cents, December futures at 80.75 cents, and March futures at 82.17 cents. According to the latest Crop Progress report, 49% of the U.S. cotton crop was squared as of Sunday, 2% ahead of the normal pace, and 14% of the crop has begun setting bolls, matching the five-year average. Current condition ratings indicate that 46% of the crop is in good to excellent condition, down 2 percentage points from the previous week.
As of June 30, managed money reduced their net long positions in cotton futures and options by 6,460 contracts, totaling 31,985 contracts. The Seam reported the sale of 182 bales at an average price of 69.54 cents. The Cotlook A Index remained steady at 85.80 cents, while ICE certified cotton stocks held firm at 185,034 bales. The Adjusted World Price dropped by 194 points last week, now standing at 61.94 cents per pound.
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